2009 (7) TMI 979

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....Order]. -  After hearing both the sides I find that Modvat credit of Rs. 5,74,059/- stands denied to the appellant in respect of capital goods on the ground that they had initially availed the credit as also depreciation under the Income Tax Act. Though the appellants have pleaded before the authorities below and it also stands accepted by them that revised Income Tax Returns, without the cl....

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....bserved that the same must be understood to mean "availed". The Hon'ble High Court further observed that only when assessee has actually availed depreciation on capital goods, he is not entitled to Modvat credit. To the similar effect are the other decisions of the Tribunal as detailed below : (1)     Sri Vishnu Shankar Mill Ltd. v. CCE, Tirunelveli [2007 (208) E.L.T. 194 (Tri....